AMERICAS
Apollo considers an increase to its $2.5bn takeover bid for Great Canadian Gaming, a Canadian gaming, entertainment and hospitality company, but may walk away from the deal if it can't win approval at an upcoming shareholder meeting,
Bloomberg reported.
The private equity firm has been contemplating its strategy because the $30-a-share offer has run into opposition from some of Great Canadian's largest shareholders. At the same time, Apollo is wary of overpaying because of the risks the pandemic poses to the gaming industry.
Great Canadian Gaming is advised by CIBC World Markets, Scotiabank, Blake Cassels & Graydon and McMillan. Apollo is advised by Barclays, Deutsche Bank, Macquarie Group, Akin Gump Strauss Hauer & Feld, Osler Hoskin & Harcourt, Paul Weiss Rifkind Wharton & Garrison and Crestview Partners.
Colony Capital-backed DataBank, a provider of enterprise-class colocation, connectivity, and managed services, completed the acquisition of zColo, including certain US and European data center assets, from Zayo Group, a provider of communications infrastructure services, including fiber and bandwidth connectivity, colocation and cloud infrastructure. Financial terms were not disclosed.
"DataBank has now assembled a unique portfolio of data center infrastructure and network interconnect options to address customer workloads anywhere from Tier 1 markets to the far edge. With an open interconnect architecture and virtually unlimited geographic options, we are poised to help our customers in the US migrate their workloads and adapt to the next evolution of the internet: the hyper-localization of data and compute being unleashed by 5G networks," Raul K. Martynek, DataBank's CEO.
DataBank was advised by DH Capital, Houlihan Lokey, Societe Generale, Truist Bank and Jones Day. Joele Frank was advised by JP Morgan and Skadden Arps Slate Meagher & Flom. Colony Capital was advised by Joele Frank. Debt financing was provided by CoBank ACB, Natixis Partners, Regions Bank and TD Securities.
Private equity firms Apollo Global Management and Hudson Executive Capital agreed to acquire Cardtronics, a provider of ATMs to retailers and operator of the Allpoint interbank network, for $2.3bn.
“This announcement represents an exciting milestone for Cardtronics and is a testament to the strength and value of our company and the talented team we have in place. Our Board of Directors regularly evaluates all opportunities that have the potential to maximize value for shareholders. Following a comprehensive process and review of alternatives, which included discussions with strategic buyers and financial sponsors, the Board determined that this transaction is in the best interest of the Company and our shareholders,” Ed West, Cardtronics CEO.
Cardtronics is advised by Goldman Sachs, Weil Gotshal and Manges and Joele Frank. Bidders are advised by Cadwalader Wickersham & Taft, Paul Weiss Rifkind Wharton & Garrison, RBC Capital Markets, Mizuho Securities and Barclays. Hudson Executive is advised by Gladstone Place Partners.
Thunder Bridge Acquisition II, a special purpose acquisition company, agreed to merge with indie Semiconductor, an automotive semiconductor and software innovator, in a $1.4bn deal. Upon closing of the transaction, the combined operating entity will be named indie Semiconductor, and will be listed on the Nasdaq Stock Market under the ticker symbol INDI.
"Thunder Bridge II has found an outstanding merger partner in indie Semiconductor. Donald McClymont and his team have established a leadership franchise with a differentiated product offering, having shipped over 100m units to Tier 1 automotive suppliers globally. By virtue of our combination, we believe that indie will have the financial firepower to accelerate the company's strategic growth initiatives and help create an Autotech pureplay powerhouse," Gary Simanson, Thunder Bridge II President and CEO.
indie Semiconductor is advised by Deutsche Bank, Goldman Sachs, Nomura, Loeb & Loeb and Rodriguez Wright. Thunder Bridge is advised by Morgan Stanley, Ellenoff Grossman & Schole, Littler Mendelson and Nelson Mullins Riley & Scarborough.
Telecoms Tim Participacoes, Telefonica Brasil and Claro, three Brazilian telecommunications companies, won the auction to acquire the mobile business of Oi, a fixed telephone operator and the fourth mobile telephone operator in Brazil, for $3.2bn. The closing of the transaction is subject to customary conditions for this type of transactions, including regulatory approval.
TIM Brasil will pay the biggest share for the assets, at $1.4bn and an additional $92m for the transition. Telefonica Brasil will fork out $1bn and $35m, while Claro said it will pay the remaining $800m.
Telefonica Brasil is advised by BR Partners, BTG Pactual, Banco Itau, Goldman Sachs and JP Morgan. Oi is advised by BTG Pactual, Bank of America Merrill Lynch and Lazard.
Primoris Services, a provider of specialty contracting services in North America, agreed to acquire Future Infrastructure, a provider of non-discretionary maintenance, repair, upgrade and installation services to the telecommunication, from Tower Arch Capital, a lower-middle market private equity fund, for $620m.
"This acquisition is fully aligned with our strategic and operational goals and represents a defining moment for Primoris. It moves us meaningfully into a market we have been targeting and does so in a way that establishes a new, robust platform while creating additional opportunities for our existing services," Tom McCormick, Primoris President and Chief Executive Officer.
Primoris is advised by Goldman Sachs, UBS and Gibson Dunn & Crutcher. Future Infrastructure is advised by Bank of America Merrill Lynch and Kirkland & Ellis. Debt financing was provided by Bank of West and CIBC.
Eli Lilly, a global healthcare company, agreed to acquire Prevail Therapeutics, a gene therapy company, for $1bn, $880m payable at closing, plus one non-tradable contingent value right worth c. $160m.
"The acquisition of Prevail will bring critical technology and highly skilled teams to complement our existing expertise at Lilly, as we build a new gene therapy program anchored by well-researched assets. We look forward to completing the proposed acquisition and working with Prevail to advance their groundbreaking work through clinical development," Mark Mintun, Lilly Vice President of pain and neurodegeneration research.
Prevail Therapeutics is advised by Centerview Partners, Cooley, Ropes & Gray and Ten Bridge Communications. Eli Lilly is advised by Lazard and Weil Gotshal and Manges.
TC Energy, an energy company, agreed to acquire the remaining 76% stake in TC PipeLines, a Delaware master limited partnership with interests in eight federally regulated US interstate natural gas pipelines, for $1.68bn. The transaction is expected to close late in the first quarter or early in the second quarter of 2021 subject to the approval by the holders of a majority of outstanding common units of TCP and customary regulatory approvals.
The conflicts committee, composed of independent directors of the partnership's general partner, after consultation with its independent legal and financial advisors, unanimously approved the merger agreement and determined it to be in the partnership's best interests and its unaffiliated unitholders. Subsequently, the board of directors of the partnership's general partner approved the merger agreement and determined it to be fair and reasonable and in the partnership's best interests.
TC PipeLines is advised by Evercore and Kirkland & Ellis. TC Energy is advised by JP Morgan and Vinson & Elkins.
Octo, a provider of emerging technology and IT modernization services for the Federal Government, agreed to merge with Arlington Capital-backed Sevatec, a provider of mission-critical software development solutions and digital modernization services to the Federal Government. Financial terms were not disclosed.
"With this transaction, I firmly believe we have created a unique, market-shaping organization that is unmatched in terms of its collective ability to be a pure-play modernization and technology solutions provider to the Federal Government and its wide-ranging missions," Mehul Sanghani, Octo Founder and CEO.
Sevatec is advised by Robert W Baird and Pillsbury Winthrop Shaw Pittman. Octo is advised by Sheppard Mullin Richter & Hampton.
Ocado, the online grocery platform and solutions provider, completed the acquisition of Kindred Systems, a provider of information technology security solutions, for $262m, and Haddington Dynamics, an advanced research and development company, for $25m.
"I am delighted to announce the completion of the acquisition of Kindred Systems and to formally welcome the team to Ocado. We look forward to working together to accelerate the development of robotic picking solutions, improving their speed, accuracy, product range and economics, which will benefit our Ocado Solutions partners as well as Kindred Systems' existing customers," Tim Steiner, Ocado CEO.
Ocado was advised by Davis Polk & Wardwell. Haddington Dynamics was advised by Tulchan Communications.
Kingswood Capital, a private equity firm, agreed to acquire Cost Plus World Market, a chain of specialty/import retail stores, from Bed Bath & Beyond, an American chain of domestic merchandise retail stores. Financial terms were not disclosed.
The transaction is anticipated to close prior to Bed Bath & Beyond's fiscal year end in February 2021 and is subject to customary closing conditions. Both companies have agreed to a transition service agreement following the close of the transaction to help ensure business continuity.
Bed Bath & Beyond is advised by B. Riley FBR and Bryan Cave Leighton Paisner.
Kryo, an innovator of temperature-regulated and climate-control sleep solutions, completed the merger with KKR-backed Ebb Therapeutics, a sleep tech company. Additionally, KKR invested $37m in the combined company. Financial terms were not disclosed.
"This combination is validation that the world is ready to take a fresh look at sleep and incorporate clinically researched solutions into everyday life. This investment and our merger with Ebb will help to accelerate growth into new spaces for consumers, meeting them where they are in the journey, with solutions for the bedroom, and on-the-go resources to help coach them along the way," Tara Youngblood, Kryo CEO and Co-Founder.
Ebb Therapeutics was advised by Carey Laing PR. Kryo was advised by Super Connector Media.
Keywords Studios, an international technical and creative services provider to the global video games industry, agreed to acquire High Voltage Software, a provider of game development services to the video games industry, for $50m.
"We are overjoyed to join an industry-leading global group such as Keywords Studios. We are tremendously excited they share our vision for augmenting our development capabilities and they will provide us the ability to embark upon a growth trajectory for our business creating the next generation of AAA games. Furthermore, Keywords Studios' investment in our studio is an outstanding sign for the continued expansion of game development in Illinois and Louisiana. We genuinely look forward to working together with everyone at Keywords Studios and fulfilling a noteworthy role in this new journey with them," Kerry Ganofsky, High Voltage Founder.
Keywords Studios is advised by Numis Securities and MHP Communications.
JD Sports, a retailer of sports, fashion and outdoor brands, completed the acquisition of Shoe Palace, an athletic footwear and apparel retail chain, for $325m.
"We are delighted to have completed the acquisition of Shoe Palace. The Shoe Palace team are ambitious, have great energy and pride themselves on their consumer connection and we welcome them to the group. We are confident that our combined fascias will provide us with the flexibility and expertise to fulfil our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States," Peter Cowgill, JD Sports Executive Chairman.
JD Sports was advised by MHP Communications.
Transat's shareholders approved a $148m discounted buyout offer from Air Canada, sending Transat shares up more than 10% in morning trade on Tuesday,
Reuters reported.
The country's largest carrier had secured Transat shareholders' approval for the original deal last year to bolster its then thriving leisure business. But with the pandemic grounding flights globally, Air Canada faced shareholder pressure to renegotiate the deal, which is still pending approval from European and Canadian regulators.
Air Canada is advised by Morgan Stanley.
Vroom, an e-commerce platform that offers a better way to buy and sell used vehicles, agreed to acquire CarStory, a provider of AI-powered analytics and digital services for automotive retail, for $120m. The transaction is anticipated to close in January 2021, subject to customary closing conditions.
"At Vroom, we’ve built a platform made for scale and driven by data. As car buyers and sellers across the country increasingly turn to ecommerce solutions, CarStory will strengthen and extend the reach of our digital retailing platform, and together we will accelerate the transformation of the massive used auto industry. We’ve been continually impressed by the size, breadth and sophistication of CarStory’s operations as we have worked with them for the past two years and we are thrilled to welcome them to Vroom," Paul Hennessy, Vroom CEO.
Vroom is advised by Moxie Communications.
Advent International led a $160m Series D round in Zenoti, an enterprise cloud platform for the beauty and wellness industry. Tiger Global and Steadview Partners also participated in the round.
“The wellness industry is ripe for disruption, particularly as Covid-19 has made it more important than ever to eliminate unnecessary face-to-face interactions wherever possible. We are seeing businesses embrace Zenoti’s technology to help pivot and strengthen their offering and we are impressed by the company’s growth over the last year, particularly among some of the most established brands in the industry. We are incredibly excited about Zenoti and believe the company has significant runway for growth,” Eric Wei, Advent Managing Director of Technology team in Palo Alto.
Advent was advised by Finsbury Glover Hering.
A panel of judges on the US appeals court in Washington signalled skepticism of the Trump administration's continuing efforts to ban new downloads of TikTok,
DealStreetAsia reported.
Two of the three judges suggested they disagreed with the government's legal rationale for a ban on TikTok, which is owned by ByteDance. The US is arguing to reinstate an order removing of TikTok from app stores run by Apple and Alphabet's Google, which a lower court blocked in September as an "indirect regulation" of communications prohibited by federal law.
The chances that any TikTok ban will go into effect are slim. Federal judges in Washington and Pennsylvania have blocked a wide array of prohibitions designed to erode the app's underlying web infrastructure. And the deadlines for a separate Treasury Department order to sell the app to an American buyer or face unspecified penalties have lapsed without any sign that the US will force a sale.
Diversis-backed FORM.com, a provider of mobile data collection, completed the acquisition of GoSpotCheck, a provider of mobile task management and image recognition software. Financial terms were not disclosed.
"We see a growing demand in the market for low-code/no-code platforms that digitize business processes and deliver real-time operational insights. With this merger, we'll be combining FORMcom's mobile data collection and workflow capabilities with GoSpotCheck's task management and image recognition functionalities to deepen the business efficiencies we provide to our customers," Ali Moosani, FORM CEO.
CICC, an investment banking firm, led a $150m Series B funding round in Singlera Genomics, a genetic diagnosis company. The round was joined by Detong Capital, Furong Investment, Huamei International, Linden, Wuxi Capital, FutureX Capital, Shanghai Free Trade Zone Fund, Greenpine Capital, Prosperico Ventures, and Proxima Ventures.
"We thank investors for their trust and support. I am honored that the innovative R&D, clinical transformation, and commercialization capabilities of Singlera have been recognized by top investors. This round of financing will help us further expand our product system and strengthen our strategic advantages and marketing capabilities in the field of early tumor screening and liquid biopsy," Johny Zhang, Singlera Co-Founder and CEO.
Georgian, a Canadian-based venture fund, led a $100m Series B funding round in ClickUp, a provider of a workplace productivity platform. The round was also joined by Craft Ventures.
"Georgian was a ClickUp user first, and an investor second. ClickUp's laser focus on their customers' experience with the product has fueled the company's explosive growth, which continues to accelerate. Our entire team is thrilled to further our partnership with ClickUp as they transform the future of work," Tyson Baber, Georgian Lead Investor.
Adidas is exploring a sale of Reebok.
Adidas, a German sportswear maker, is considering strategic options, including a potential sale, for Reebok, a company that designs and markets sporting and athletic apparel.
The company bought Boston-based Reebok for $3.8bn in 2005, but a lack of progress in turning it around led to repeated calls from investors to dispose of the brand,
Reuters reported.
It might be an attractive target for a private equity firm or another smaller sports retailer that will use it, like Adidas did, to break into the US marketplace.
Ameriprise, CI, GTCR and Reverence Capital are eyeing Wells Fargo's asset management arm. (FS)
Ameriprise Financial, a financial planning and services firm, CI Financial, a wealth management firm, and the private equity firms GTCR and Reverence Capital Partners are considering second-round bids for Wells Fargo’s asset management arm,
Bloomberg reported.
Wells Fargo may whittle down the auction to one or two suitors after the next round, depending on how good the offers are. The asset management division could fetch more than $3bn.
The bank is also selling its corporate trust arm and a private label credit cards business.
Liberty considers purchasing Telefonica's Latin America units.
Liberty Latin America, a regional operator owned by billionaire John Malone, considers the acquisition of Telefonica's businesses in Colombia and Ecuador,
Bloomberg reported.
Telefonica Colombia reported $678m of operating income before depreciation and amortization last year, while the Ecuador unit generated $234m.
One hurdle to a transaction in Colombia would be the Telefonica unit’s ownership structure, since the local government holds a stake. Other suitors have also expressed interest in Telefonica’s operations in the region.
Tribe Capital searches SPAC to go public. (FS)
Tribe Capital, a venture capital firm, is seeking to raise $200m for a special purpose acquisition company that could go public as soon as January,
Bloomberg reported.
Tribe Capital will seek a target in the technology sector and is in talks with potential underwriters.
The Tribe SPAC won’t be prohibited from pursuing a transaction with a company affiliated with its sponsors or directors, such as one within its portfolio.
Group Nine Media considers SPAC for digital-media acquisitions.
Group Nine Media, a provider of digital advertising, marketing solutions, and owner of websites such as The Dodo and NowThis, is considering using a blank-check company to acquire some of its competitors,
WSJ reported.
Group Nine Media has consulted with advisers about the possibility of pursuing deals through a SPAC. The company is interested in acquisitions that could grow its audience and give it more bargaining power with online advertisers.
It isn’t clear which company or companies Group Nine Media would target for acquisitions.
GoldPoint Partners raises $550m for fifth private debt fund. (FS)
GoldPoint Partners, a New York-based private equity firm, hauled in more than $550m towards its fifth private debt fund.
GoldPoint has raised $4.2bn across five private debt funds since launching its first vehicle in the strategy back in 2002. It typically invests $30m to $75m per deal, focusing on junior and subordinated debt alongside historically successful private equity sponsors.
Earlier this year GoldPoint Partners raised $678m for its fourth fund-of-funds.
Periscope Equity closes its $225m second fund. (FS)
Periscope Equity, a Chicago-based private equity firm focused on investing in technology-enabled services and software companies, closed Periscope Equity II, a second institutional fund, with $225m of capital commitments.
The fund exceeded its target and was oversubscribed with the backing of an experienced group of limited partners, including university endowments, pension funds, charitable foundations, funds-of-funds and family offices.
“The durability and growth of our existing portfolio during the pandemic demonstrates the benefits of our consistent investment strategy, as we have never wavered from targeting companies with mission-critical offerings, a history of sustainable profitability, and a stable base of recurring revenue,” Steve Jarmel, Periscope Founder and Partner.
Periscope Equity was advised by M20 and Kirkland & Ellis
TTV Capital closes $127m Fund V. (FS)
TTV Capital, a venture capital firm, struck a $127m final close for its fifth fundraise and tapped Fund V for a series of investments, including Koho, Neuro-ID, Plink, Samcart and Taxbit.
The company looks to back founders that are creating innovative applications which build upon enabling technologies like cloud computing, big data, mobile, machine learning, AI, and blockchain, to disrupt and modernise the banking and payments sector.
“We founded TTV in 2000 because we believe that there is a compelling need for innovation and technology advancement throughout the financial industry. We will invest $1m to $5m in support of early-stage fintech companies led by dedicated founders with a strong, clear mission," Gardiner Garrard, TTV Capital Founder and Managing Partner.
EMEA
The European Union's antitrust regulators are to open a full-scale investigation into Aon's $30b merger with Willis Towers Watson to create the world's largest insurance broker,
Reuters reported.
The all-stock deal attracted regulatory scrutiny due to concerns it would give the combined group increased pricing power. A full probe by the EU's executive, the European Commission, would follow a preliminary review due to end on December 21.
Willis is advised by Bank of America Merrill Lynch, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom and Weil Gotshal and Manges. Financial advisors of Willis are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins and Joele Frank. Financial advisors of Aon are advised by Cravath Swaine & Moore.
WEX, a financial technology service provider, completed the acquisition of eNett International, a provider of B2B payments solutions to the travel industry and Optal, a company that specializes in optimizing B2B transactions, from private equity firms Siris Capital Group and Elliot Management for $578m.
In conjunction with this acquisition, WEX is expanding the leadership team within the B2B payments-focused Travel and Corporate Solutions segment.
WEX was advised by Bank of America Merrill Lynch, Grant Samuel, Clifford Chance, Sidley Austin and WilmerHale. Financial advisors were advised by Sullivan & Cromwell. eNett was advised by Credit Suisse, LionTree Advisors and Wachtell Lipton Rosen & Katz. Optal was advised by Financial Technology Partners and Herbert Smith Freehills. Travelport was advised by Abernathy MacGregor Group. Debt financing was provided by Bank of America Merrill Lynch.
Greencoat UK Wind, a British investment company, completed the acquisition of a 49% stake in the Humber Gateway, an offshore wind farm, from Rheinisch-Westfälisches Elektrizitätswerk, a German multinational energy company, for $861m.
Greencoat UK Wind agreed to acquire a minority stake in the Humber Gateway on November 23, 2020.
Greencoat UK Wind was advised by RBC Capital Markets, Norton Rose Fulbright and Headland Consultancy.
SEGRO, an owner, manager and developer of modern warehouses and industrial property, agreed to acquire a 74.9% stake in Sofibus Patrimoine, which specializes in commercial real estate, for $217m. Following its acquisition of a 19.5% interest in 2018, and upon completion of the transaction, SEGRO will own 94.4% of Sofibus.
"This is a rare opportunity to significantly increase our exposure to urban warehousing in Paris which has long been a core market for SEGRO. We have got to know Sofibus well as a shareholder and member of the Board of Directors over the past two years and look forward to the next stage of growth for the Parc d'Activités des Petits Carreaux," David Sleath, SEGRO Chief Executive.
SEGRO is advised by Lazard, Archers-AARPI and FTI Consulting.
Inflexion, a mid-market private equity firm investing in established high growth businesses, agreed to acquire Infront, a provider of financial market data and information solutions, for $171m.
“Inflexion is well positioned to help Infront achieve its ambitious growth plans,” Simon Turner, Inflexion Managing Partner.
Inflexion is advised by DNB Bank and Ernst & Young. Infront is advised by ABG Sundal Collier.
Byggfakta Group, an information provider to the Nordic construction industry, agreed to acquire Glenigan, a provider of construction project sales leads, industry data, analysis, forecasting and company intelligence, from Ascential, a specialist information, data and analytics company, for $97m.
"The sale is a step forward for Ascential and our customers as our strategic focus and investments can be further concentrated on our core customer proposition: enabling our customers to design and create the right products, maximising their marketing impact and optimising their digital commerce performance," Duncan Painter, Ascential Chief Executive Officer.
Ascential is advised by Raymond James and FTI Consulting.
Artlist, a digital content licensing provider, completed the acquisition of Motion Array, a digital assets marketplace platform, for $65m.
"This move is invaluable to Artlist as it helps us maintain our position as the go-to solution for creators in the constantly expanding world of video content. We are excited to bring our high-quality curation capabilities to additional creative assets. Motion Array's offerings will streamline our continued efforts to provide our subscribers with creative freedom and increase their video production value," Itzik Elbaz, Artlist Co-Founder and Co-CEO.
Artlist was advised by Headline Media. Motion Array was advised by Houlihan Lokey.
GBL, a Belgian holding company, agreed to acquire a majority stake in Canyon Bicycles, a German manufacturer of bikes, from TSG, a private equity firm, for €800m ($971m). The transaction is expected to be completed, once the necessary regulatory authorizations are received, during the course of Q1 2021.
"Canyon is a fast-growing premium brand with an excellent track record, strong team and great potential. Canyon is very complementary to GBL's existing portfolio, increasing our exposure to secular trends such as sustainable mobility, health awareness and digitalization. We are thrilled to become partners with Roman Arnold and the whole Canyon team as they take Canyon's success story to the next level and, together with Tony Fadell, we look forward to our future partnership," Ian Gallienne, GBL CEO.
Canyon Bicycles is advised by Skadden Arps Slate Meagher & Flom.
CECONOMY, a German consumer electronics retailer, agreed to acquire the remaining 21.62% stake in Media Saturn, a consumer electronics company, from Convergenta, an investment company of the Kellerhals family, for €815m ($989m). The closing of the transaction is subject to the approval of CECONOMY's shareholders' meeting.
As a consequence of the transaction, Convergenta will, prior to exercising the conversion right, become a shareholder with a stake of approx. 25.9% of the share capital of CECONOMY. Convergenta aims at a stake of up to 29.9% of the ordinary shares.
Bain Capital agreed to acquire the savings & retirement and protection businesses from LV=, an insurance company, for £530m ($707m). The acquisition is subject to regulatory approval and approval from LV= members. It is expected to complete by the end of 2021, subject to the conclusion of the legal process.
"The partnership with Bain Capital recognizes the opportunity to further invest to develop LV= at a time when it is well positioned, growing market share, expanding its products and trading resiliently, despite the pandemic. While our corporate structure will change, our culture and values remain the same. The Board is excited by the opportunities it creates for our people, partners and customers – enabling the LV= brand and business to further develop as a major force in the UK life insurance market," Mark Hartigan, LV= CEO.
VPI Holding, a provider of electric transmission and distribution services, agreed to acquire Drax Generation Enterprise, which holds four Combined Cycle Gas Turbine power stations, from Drax, a British electrical power generation company, for $258m.
"By focusing on our flexible and renewable generation activities in the UK we expect to deliver a further reduction in the Group's CO2 emissions, which should accelerate our ambition to become not just carbon neutral but carbon negative by 2030. By using carbon capture and storage with biomass (BECCS) at the power station in North Yorkshire to underpin the decarbonisation of the wider Humber region, we believe we would be creating and supporting around 50k new jobs and delivering a green economic recovery in the North. We greatly value the contribution that our colleagues in gas generation have made to the Group over the last two years. As we focus on a renewable and flexible portfolio, it is right that we divest these gas generation assets and in doing so create value for our shareholders," Will Gardiner, Drax Group CEO.
FSN Capital, a Nordic-based private equity fund, completed the acquisition of a 45% stake in Obton Group, a specialised alternative investment provider developing, structuring, and managing solar photovoltaic projects. Financial terms were not disclosed.
"At FSN, we have a strong belief that the green transition of the energy system towards renewable energy is one of the most interesting investment themes for the coming decades. As one of the largest and most experienced developers, managers and investors in solar PV in Europe, the Obton Group is very well-positioned in this rapidly growing industry. Obton is a unique and very well-run company, which in relatively few years has succeeded in becoming one of the 10 largest administrators of solar parks in Europe. We are incredibly proud that the founders and leaders at Obton have chosen FSN Capital as their partner for the growth journey ahead, and we look forward to working with Anders Marcus and his team," Lars Denkov, FSN Capital Partner.
OneFootbal, a Berlin-based football media company, agreed to acquire Dugout, a digital media company. Financial terms were not disclosed.
"Our ambition has been to become the ultimate destination for everything football, both on and off the pitch, and our acquisition of Dugout reflects this," Lucas von Cranach, OneFootball CEO and Founder.
2MX Organic to weigh bid for French supermarket chain. (FS)
Billionaire Xavier Niel’s blank-check company is considering a potential takeover of Grand Frais, a network of fresh food supermarkets in France,
Bloomberg reported.
The special purpose acquisition company is exploring the acquisition of Ardian-backed Prosol, Grand Frais’s parent company. Prosol could fetch closer to $2.4bn.
Prosol’s owners plan to start seeking a buyer for the company early next year that could draw interest from buyout funds and strategic bidders.
BNP Paribas eyes up to €1bn for two infra debt funds. (FS)
BNP Paribas Asset Management has launched two new infrastructure debt funds totaling €1bn ($1.2bn) through the BNP Paribas European Infrastructure Debt Fund II and the BNP Paribas European Junior Infrastructure Debt Fund I. Both funds will be diversified across sectors and will adhere to ESG policy in accordance with the analysis provided by BNPP AM’s Sustainability Centre.
Debt Fund I will invest in European non-investment grade infrastructure debt, offering stable and predictable cash flows. Debt Fund II has had a strong focus on the digital infrastructure and renewable energy sectors, which have been exceptionally resilient in the current economic environment.
“Investors seeking exposure to assets that can weather economic turbulence and crises such as Covid-19 appreciate that infrastructure debt is able to generate stable cash flows over the long term throughout the economic cycle," Karen Azoulay, BNP Paribas Asset Management Head of Infrastructure Debt.
Eurazeo to manage $510m fund to invest in French healthcare sector. (FS)
Eurazeo, a private-sector asset management company, is set to manage the $510m Nov Santé Actions Non Cotées fund launched by the French Insurance Federation and the Caisse des Dépôts for unlisted healthcare assets.
The fund reflects the insurance industry's will to commit to nurturing entrepreneurial and industrial projects in the healthcare sector in France.
Eurazeo will invest primarily in research, industry and healthcare services. The fund will also seek to pick up the pace of the digital transformation in the industry to improve access to healthcare through telemedicine, prevent disease by harnessing big data and artificial intelligence, and reinforce the coordination between healthcare providers.
APAC
CVC Capital Partners completed the acquisition of a 40% stake in Fast Group, an end-to-end logistics group in the Philippines, for $124m.
"Fast is the market leader in the growing Philippine logistics sector, our clients greatly value our broad offering which spans the entire supply chain from logistics and warehousing, to distribution and transportation. The investment in Fast by CVC is a testament to the attractiveness and potential of the Philippine logistics sector, the market leading business we have built over the last four decades, and of course the economy more broadly. We are delighted to be partnering with such an experienced investor as we now seek to accelerate our growth," William Chiongbian, Fast Group President and CEO.
Fast was advised by UBS.
GIC completed a $200m investment in Sinopec Green Energy Geothermal Development, a geothermal heating company.
Sinopec Green Energy Geothermal Development is considering an initial public offering in mainland China or Hong Kong as soon as next year. It is currently valued at around $1bn.
TD Holdings, a commodities trading service provider, offered to acquire Tongdow E-Commerce Group, a B2B digital e-commerce platform for commodities trading and integrated supply chain services headquartered in Shenzhen China. Financial terms were not disclosed.
The company's planned acquisition of Tongdow Group is aimed to transform the company's bulk commodities trading platform using digital technology and to improve the company's profitability. Following the completion of the planned acquisition, the company's goal is to build an ecosystem of digital e-commerce platforms through digital management, operation of global commodities, the layout of 5G smart-warehouses, and to provide in-depth services that meet the various needs of its customers.
Baidu Capital, a corporate investment platform, led a $100m Series C round in Weimai, a Chinese startup that offers Internet-based healthcare solutions to hospitals and patients. Other investors that participated in the investment include IDG Capital, Matrix Partners China, Source Code Capital, Vision Plus Capital and Cenova Capital.
Weimai will continue to “embrace” public hospitals to help them build “one-stop, online-and-offline medical services capacities.” The startup will also seek to offer “multi-layer, customised medical and healthcare services” to users through continued exploration and development of new technologies.
Bridgetown weighs up to $10bn Tokopedia deal.
Bridgetown Holdings, a blank-check company owned by billionaires Richard Li and Peter Thiel, considers a potential merger with SoftBank-backed PT Tokopedia, an Indonesian e-commerce giant. The firm could be valued at $8bn to $10bn in a transaction,
Bloomberg reported.
A potential merger with Tokopedia would also be in-line with the strategy that Bridgetown set out in its prospectus: to focus on a target in the technology, financial services or media sectors in Southeast Asia.
Oaktree offers $5bn for Dewan Housing. (FS)
Dewan Housing Finance, a bankrupt Indian lender, attracted bids from suitors amid mounting recovery signs in the sector.
Oaktree Capital offered $5bn, up from $4.2bn in its previous bid and $3.8bn in its initial bid for the mortgage lender. Piramal Enterprises and Adani Group also improved their proposals,
Bloomberg reported.
The development underscores strong investor interest in India’s shadow banking industry. Policy support has helped the sector bounce back from the pandemic. The interest in Dewan also comes after the real estate market in Mumbai, the country’s commercial capital, has experienced an abrupt turnaround recently. Home sales in the city jumped to an eight-year high in October after the pandemic pushed down prices.
Square Peg raises $450m for its fourth fund. (FS)
Square Peg, a venture capital firm that invests in technology startups across Australia, Israel, and Southeast Asia with a focus on Series A and B rounds, is ramping up its investments in Southeast Asia after closing of $450m fourth fund. With the fresh capital to invest, Square Peg is looking at doubling down on Southeast Asia,
DealStreetAsia reported.
The fundraising was led by Australian institutions HostPlus and AustralianSuper, and backed by CBA and Roc Partners.
“Raising this fund during the Covid-19 pandemic was a unique experience, but as many founders know, fundraising is rarely a straightforward process. Our investors take a long-term and committed approach to investing and understand that venture capital is often uncorrelated to the markets while offering the potential for significant returns,” Tushar Roy, Square Peg Partner.
Befor Capital raises $107m for Fund III and Fund IV. (FS)
Befor Capital, a Chinese venture capital firm, raised a combined $107m in capital commitments across two funds to continue its investments in the consumption upgrade, advanced technology, and modern services fields,
DealStreetAsia reported. The capital commitments include a corpus of $76m raised in the first closing of the firm’s Fund III, and its Fund IV’s first closing at $31m.
Existing limited partners collectively invested over $15m in the two new vehicles. Executives at Jinrui Group, a company holding or owning securities of companies other than banks, also made capital commitments.
Canadian Solar, a solar cell maker, along with other investors including government-guided funds are major limited partner in Fund III. LPs of Fund IV include investment platforms backed by the government and Wuxi Capital, Chinese state-owned investment firm.
